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Avivagen Inc. Announces Results for the First Quarter Ending January 31, 2023
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Rhea-AI Summary
Avivagen Inc. (TSXV:VIV, OTCQB:VIVXF), based in Ottawa, announced its unaudited financial results for Q1 2023. Reported net revenues totaled $66,039, down from $271,157 in Q1 2022. The comprehensive loss decreased to $(1,153,930) from $(1,552,852). As of January 31, 2023, the company had total assets of $568,302 and total liabilities of $7,678,343, resulting in a shareholders’ deficit of $(7,110,041). Avivagen specializes in products that enhance feed intake and immune function for livestock and animals, particularly through its OxC-beta™ technology.
Positive
Comprehensive loss decreased from $(1,552,852) in Q1 2022 to $(1,153,930) in Q1 2023.
Negative
Net revenues dropped from $271,157 in Q1 2022 to $66,039 in Q1 2023.
Total liabilities increased to $7,678,343 with a significant shareholders’ deficit of $(7,110,041).
OTTAWA, Ontario--(BUSINESS WIRE)--
Avivagen Inc. (TSXV:VIV, OTCQB:VIVXF) (“Avivagen”), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that safely enhances feed intake and supports immune function, thereby supporting general health and performance, has announced its unaudited financial results for the first quarter of 2023.
First Quarter January 31, 2023, Financial Results
The Company’s unaudited Financial Statements for the first quarter ended January 31, 2023, and the accompanying Management’s Discussion and Analysis have been filed on the System for Electronic Document Analysis and Retrieval and are available via its website (www.sedar.com). The financial information for the first quarter ended January 31, 2023, should be read in conjunction with the Company’s unaudited Financial Statements as well as its Management’s Discussion and Analysis for the first quarter ended January 31, 2023.
The Company reported net revenues of $66,039 and a comprehensive loss of $(1,153,930) for the three-month period ending January 31, 2023. This compares to revenues of $271,157 and a comprehensive loss of $(1,552,852) in the three-month period ending January 31, 2022. As at January 31, 2023, the Company reported total assets of $568,302 (current assets of $494,409), total liabilities of $7,678,343, and shareholders’ deficit of $(7,110,041).
About Avivagen
Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general health and performance. It is a public corporation traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.
About OxC-beta™ Technology and OxC-beta™ Livestock
Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about β-carotene and other carotenoids, compounds that give certain fruits and vegetables their bright colours. Through support of immune function the technology provides a non-antibiotic means of promoting health and growth. OxC-beta™ Livestock is a proprietary product shown to be an effective and economic alternative to the antibiotics commonly added to livestock feeds. The product is currently available for sale in the United States, Philippines, Mexico, Taiwan, New Zealand, Thailand, Brazil, Australia, and Malaysia.
Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.
Forward Looking Statements
This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions. Statements set out in this news release relating to Avivagen’s expectations as to future growth and results, the anticipated continuation of shipments to customers based on recurring orders, future plans for sales in the United States, the planned use of proceeds of the financing discussed above, Avivagen’s expectations as to growth in demand for Avivagen’s products, the possibility for OxC-beta™ Livestock to replace antibiotics in livestock feeds as well as fill a critical need for health support in certain livestock applications where antibiotics are precluded and the size of market opportunities are all forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. For instance, initial orders may not result in new orders for Avivagen’s products, despite receipt of the purchase order timing, delivery or fulfilment of orders of product could be delayed for a number of reasons, some of which are outside of Avivagen’ s control, which could result in anticipated revenues from such sales being delayed or in the most serious cases eliminated, actions taken by Avivagen’ s customers and factors affecting the business and financial viability of Avivagen’ s customers can have a negative impact on the expectation of future sales and revenues, customer plans may change due to many reasons, demand for Avivagen’s products may not continue to grow and could decline, Avivagen’s products may not gain market acceptance or regulatory approval in new jurisdictions or for new applications and may not be widely accepted as a replacement for antibiotics in livestock feeds, in each case due to many factors, many of which are outside of Avivagen’s control. Readers are referred to the risk factors associated with the business of Avivagen set out in Avivagen’s most recent management’s discussion and analysis of financial condition available at www.SEDAR.com. Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information:
Avivagen Inc. Drew Basek Director of Investor Relations
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Phone: 416-540-0733
E-mail: d.basek@avivagen.com
